In a statement, the company said: “New Look today announces a proposal to reduce its UK store estate and rental costs amid challenged trading performance and a difficult retail environment.

“The Company is today instigating a Company Voluntary Arrangement (CVA) and seeking approval from creditors on a plan to improve the operational performance of the Company.

“Under the proposal, New Look has identified 60 out of its total 593 stores in the UK for potential closure, alongside a further six sites which are sub-let to third parties. The proposal also includes a reduction in rental costs and revised lease terms across 393 stores.”